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  本文關(guān)鍵詞： 股市異�，F(xiàn)象 行為金融 IPO抑價率　出處：《蘭州大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：從1990年我國股票市場成立以來,IPO抑價現(xiàn)象在新股發(fā)行上普遍存在。基于行為金融學(xué)分析我國股票市場的IPO抑價,有利于更好地解釋股票市場上的異常行為,幫助投資者作出正確的投資決策。 本文通過綜述行為金融學(xué)中與IPO抑價相關(guān)的基本理論,分析證券市場中出現(xiàn)的異常現(xiàn)象,將我國A股市場分為：深市A股、創(chuàng)業(yè)板和滬市A股三個部分,從信息是否對稱、投資者行為是否合理、公司是否具有成長性以及市場冷熱程度四個方面進(jìn)行實(shí)證分析,研究行為金融學(xué)因素對我國股票市場IPO抑價率的影響程度。 得出的結(jié)論是深市A股和滬市A股主要受投資者行為變量的影響,其中上市首日換手率對深市A股和滬市A股IPO抑價率的影響最大。創(chuàng)業(yè)板主要受市場熱度變量的影響,新股上市首日市場回報率對創(chuàng)業(yè)板股票IPO抑價率的影響最大,可見,創(chuàng)業(yè)板市場的整體氛圍影響了創(chuàng)業(yè)板股票的價格走勢。創(chuàng)業(yè)板和主板雖然都受到投資者行為的影響,但其具體影響因素卻又有不同。創(chuàng)業(yè)板在具有更高成長性的同時,面臨更大的風(fēng)險�；谏鲜鼋Y(jié)論,建議相關(guān)部門加強(qiáng)監(jiān)管,推進(jìn)市場制度不斷完善。
[Abstract]:Since the establishment of China's stock market in 1990, IPO underpricing has been widespread in the new stock market. Based on behavioral finance, the IPO underpricing in Chinese stock market is analyzed. It is helpful to explain the abnormal behavior in the stock market and help investors to make the right investment decision. By summarizing the basic theories of behavioral finance related to IPO underpricing, this paper analyzes the abnormal phenomena in the securities market, and divides the A-share market into three parts: Shenzhen A-share, gem and Shanghai A-share. The empirical analysis is carried out from four aspects: whether the information is symmetrical, whether the investor's behavior is reasonable, whether the company has the growth and the market's heat and cold degree. To study the influence of behavioral finance factors on IPO underpricing rate in Chinese stock market. The conclusion is that Shenzhen A-share and Shanghai A-share are mainly influenced by investor behavior variables. Among them, the exchange rate on the first day of listing has the greatest influence on the IPO underpricing rate of Shanghai and Shenzhen A-shares, and the gem is mainly affected by the market heat variables. The market rate of return on the first day of IPO has the greatest influence on the IPO underpricing rate of gem stock. The overall atmosphere of the gem market has affected the price trend of the gem stock. Although the gem and the main board are affected by the behavior of investors. However, the specific influencing factors are different. The gem has higher growth and faces greater risks. Based on the above conclusions, it is suggested that relevant departments should strengthen supervision and promote the continuous improvement of market system.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【參考文獻(xiàn)】

相關(guān)博士學(xué)位論文 前2條

1 蔣彥;我國IPO首日抑價及新股發(fā)行體制改革研究[D];財政部財政科學(xué)研究所;2010年

2 范漢熙;基于發(fā)行風(fēng)險的IPO抑價理論與實(shí)證研究[D];西南財經(jīng)大學(xué);2011年

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本文編號：1460553